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, the vast example currently is what is happening in detroit. detroit is the city with the largest african-american homeownership rate in the country going into the crisis. now undergoing the largest municipal bankruptcy in u.s. history, 100,000 homes were foreclosed on. one-third of all african-american homeowners had been forced out of their homes since this crisis began. so what we're seeing is a mass displacement. we're also seeing these foreclosures spiral that are reverberating into other issues. things like school closures that we're seeing in chicago and philadelphia. things like hospitals, senior centers effected. >> michael: there are people who fought the banks and people who won. tell us about bertha garrett in detroit, the city we were just talking about. >> sure, i would be happy to. bertha garrett, when i went to meet with her a year ago was a 65-year-old grandmother, deeply religion, born in alabama. she and her husband had lived in their home in detroit for 22 years. she became ensnared in a predatory loan when a sleazy mortgage company lied to her and convinced her to tak
. >> david: detroit filed bankruptcy, and yet rich snyder just approved a $650 million hockey center to be built in downtown detroit. how could they possibly cut unionized municipal workers while reassuring taxpayers that they are going to fund such an expensive sports arena? >> it's the logic of neo-liberalism taken to an idiotic extreme. we're going to rebuild our cities by handing over this money to the owner, and the idea would be, he'll use the money to create infrastructure around the area, this would create jobs, et cetera, et cetera. there's only one problem with this, and the problems are twofold. one the kinds of jobs it creates are the kinds of under $10 an hour jobs without benefits. not the kind of thing that will increase the tax base of detroit or make it easy for people who work at the arena to live inside the city limits, which of course is part of the problem. the second problem, though, and this to me is far more important is that investing in sports arenas just don't work, because even best-case scenario, you're talking about hundreds of millions of dollars put in
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